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PUBLIC LAW 88-467-AUG. 20, 1964
[78 STAT.
SEC. 10. Subsection (b) of section 23 of the Securities Exchange 48 Stat. 901. Act of 1934 is amended by a d d i n g at the end thereof the following new 15 78w. sentence: "The Commission shall include in its annual reports to the Congress for the fiscal years ended on June 30 of 1965, 1966, and 1967 information, data, and recommendations specifically related to the operation of the amendments to this Act made by the Securities Acts Amendments of 1964." SEC. 11. The first sentence of subsection (b) of section 32 of the 49 Stat. 1380. Securitics Exchange Act of 1934 is amended (1) by striking out "pursuant to an undertaking contained in a registration statement as provided in" and inserting in lieu thereof "required to be filed under" and (2) by inserting immediately after "this title" the following: "or any rule or regulation thereunder". 48 Stat. 77. SEC. 12. Section 4 of the Securities Act of 1933 is amended to read llsLlZt as follows: 15 USC 77e. "SEC. 4. The provisions of section 5 shall not apply to— "(1) transactions by any person other than an issuer, underwriter, or dealer. " (2) transactions by an issuer not involving any public offering. "(3) transactions by a dealer (including an underwriter no longer acting as an underwriter in respect of the security involved in such transaction), except— " (A) transactions taking place prior to the expiration ot forty days after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter, " (B) transactions in a security as to which a registration statement has been filed taking place prior to the expiration of forty days after the effective date of such registration statement or prior to the expiration of forty days after the first date upon which the security was bona fide offered to the public by the issuer or by or through an underwriter after such effective date, whichever is later (excluding in the computation of such forty days any time during'which a stop 54 Stat. 857. Order issued under section 8 is in effect as to the security), 15 USC 77h. or such shorter period as the Commission may specify by rules and regulations or order, and " (C) transactions as to securities constituting the whole or a part of an unsold allotment to or subscription by such dealer as a participant in the distribution of such securities by the issuer or by or through an underwriter. With respect to transactions referred to in clause (B), if securities of the issuer have not previously been sold pursuant to an earlier effective registration statement the applicable period, instead of forty days, shall be ninety days, or such shorter period as the Commission may specify by rules and regulations or order. "(4) brokers' transactions executed upon customers' orders on any exchange or in the over-the-counter market but not the solicitation of such orders." Effective dates. ^^^ i^ -j^g amendments made by this Act shall take effect as follows: (1) The effective date of section 12(g)(1) of the Securities Exchange Act of 1934, as added by section 3(c) of this Act, shall be July 1, 1964. (2) The effective date of the amendments to sections 12(b) and 15(a) of the Securities Exchange Act of 1934, contained in sections 3 (a) and 6 (a), respectively, of this Act, shall be July 1, 1964. (3) All other amendments contained in this Act shall take effect on the date of its enactment. Approved August 20, 1964.
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